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56 BANCO DE OROOther debt securities include the host contract of credit-linked notes (CLN) while the embedded derivatives were bifurcated andpresented separately from the CLN (see Note 7). A CLN is an instrument under which the issuer issues a note to the investor wherein bothparties agreed that in the occurrence of a credit event in relation to the reference entity, the CLN accelerates and the investor is deliveredthe defaulted asset of the reference entity, or paid a net settlement amount equal to the market price of the defaulted asset or referenceobligation adjusted for any transaction unwind costs.The fair values of government debt and quoted available-for-sale securities have been determined directly by reference to publishedprice generated in an active market. For unquoted available-for-sale securities, fair value is determined by reference to similar financialinstruments or through valuation technique using the net present value of the future cash flows.9. HELD-TO-MATURITY INVESTMENTSThe balance of this account is composed of the following:ConsolidatedParent2005 2004 2005 2004Government debt securities P 29,277,060 P 18,231,423 P 26,642,804 P 16,124,016Other debt securities:Quoted 2,373,208 8,556,619 2,373,208 8,556,619Not quoted 199,860 154,782 199,860 154,781Total 31,850,128 26,942,824 29,215,872 24,835,416Allowance for impairment losses ( 808,486) ( 757,156) ( 808,486) ( 757,156)Net P 31,041,642 P 26,185,668 P 28,407,386 P 24,078,260Other debt securities include investments of a sinking fund setup by the Bank as required by BSP in connection with the Banks’redemption of the preferred shares it issued to SM Prime Holdings, Inc. (SMPHI) at the original issue price five years from the date ofissue (see Note 16). The carrying balance of the sinking fund as of December 31, 2005 amounts to P570,008 both in the parent companyand consolidated financial statements.Also, certain government securities are deposited with BSP as security for the Bank’s faithful compliance of its fiduciary obligations inconnection with the Bank’s trust operations (see Note 22).As to currency, this account is composed of the following:ConsolidatedParent2005 2004 2005 2004Peso P 20,416,290 P 18,737,131 P 19,402,444 P 17,800,443Foreign currency 10,625,352 7,448,537 9,004,942 6,277,817P 31,041,642 P 26,185,668 P 28,407,386 P 24,078,260The maturity profile of this account is presented below:ConsolidatedParent2005 2004 2005 2004Less than one year P 11,186,949 P 7,671,210 P 10,766,269 P 7,315,079One to five years 13,463,733 8,477,782 12,221,098 6,999,989Beyond five years 6,390,960 10,036,676 5,420,019 9,763,192P 31,041,642 P 26,185,668 P 28,407,386 P 24,078,260